Russia backs gradual controlled reduction in oil production by OPEC countries

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The OPEC countries and Russia have agreed to smoothly reduce oil production in order to avoid creating any additional surplus in the market, the Russian Energy Minister said.

The organisation of oil-exporting countries and other major oil companies, led by Russia, last month agreed to extend its deal to reduce production by 1.8 million barrels a day by the end of next year.

OPEC and Russia together produce more than 40% of world oil. Moscow’s cooperation with OPEC countries to reduce production volumes, is crucial to reduce the excess of world oil reserves by approximately half since January.